Junk Silver Coins - Coin Community Forum

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Author	Replies: 5 / Views: 1,527
Awesome Wally Valued Member United States 176 Posts	Posted 09/08/2010 10:28 am Is there a good rule of thumb for pricing (for purchase) a lot of mixed denomination silver coins? Report this Post to the Staff

daviscfad Pillar of the Community United States 4541 Posts	Posted 09/08/2010 10:31 am right now I think the going rate is around 14 times face. of course you want to buy for less if you can find it Report this Post to the Staff
Libertad Pillar of the Community Canada 3692 Posts	Posted 09/08/2010 1:28 pm Not too many weeks ago the number was 12X face. I guess things have changed. The "junk" should be recognizable enough that they can be certified (lol) for the coins that they are (for their silver content). If you can't get them at melt or under don't even bother. Report this Post to the Staff
afcop13 Pillar of the Community United States 1409 Posts	Posted 09/08/2010 6:47 pm It takes some searching, and some patience, but I've found some at 10-11x face recently in auctions. Again, you have to factor in shipping costs, which is what keeps me out of alot of auctions. I've actually added quite a bit of silver lately by just being patient and looking at auctions that end at odd times. But - at the same time, I'd pay 12-13x face to my dealer if I could get off work before he closed, but I rarely do. He shuts the doors at 4pm, and that just rarely works for me. Report this Post to the Staff
sel_69l Bedrock of the Community Australia 21786 Posts	Posted 09/09/2010 09:37 am For those who want to buy junk silver, a price needs to be known per weight. What also needs to be known is what the cost of melting and refining. My question: What is the current cost of melting and refining per weight of silver junk coins? Report this Post to the Staff
biokemist6 Bedrock of the Community United States 12437 Posts	Posted 09/09/2010 11:52 am There is no need to calculate refining costs since most coins are not actually melted but just traded as bullion in face value quantities(i.e. $100 or $1000 face value bags). Junk US silver coins have a known quantity of silver and are bought and sold in multiples of face value depending on silver spot. Spot price x 0.715 x face value= silver value. This equation only works for 90% dimes, quarters, and halves because silver dollars have a slightly higher silver content(~7% more) than the equivalent dollar amount of minor coins. The 0.715 number is the ounce weight of $1 in silver coins, corrected for wear. Report this Post to the Staff
	Replies: 5 / Views: 1,527

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